Rivian Automotive shares are trading lower after the company announced a $1.5 billion proposed green convertible senior notes offering. The company also reported preliminary Q3 revenue estimates.
Portfolio Pulse from Benzinga Newsdesk
Rivian Automotive has announced a $1.5 billion proposed green convertible senior notes offering. The company also reported preliminary Q3 revenue estimates. This news has led to a decrease in the company's share price.
October 05, 2023 | 12:24 pm
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Rivian's shares are trading lower after the announcement of a $1.5 billion green convertible senior notes offering and preliminary Q3 revenue estimates.
The announcement of a large convertible notes offering often leads to a decrease in share price as it could dilute existing shareholders' equity. Additionally, the preliminary Q3 revenue estimates might have not met market expectations, leading to a further decrease in share price.
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